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Well, here it is! Geohot has finally released the PS3 exploit that will hopefully ignite the PS3 homebrew scene.

Here's what the dev posted on his blog:

In the interest of openness, I've decided to release the exploit. Hopefully, this will ignite the PS3 scene, and you will organize and figure out how to use this to do practical things, like the iPhone when jailbreaks were first released. I have a life to get back to and can't keep working on this all day and night.

Please document your findings on the psDevWiki. They have been a great resource so far, and with the power this exploit gives, opens tons of new stuff to document. I'd like to see the missing HV calls filled in, nice memory maps, the boot chain better documented, and progress on a 3D GPU driver. And of course, the search for a software exploit.

This is the coveted PS3 exploit, gives full memory access and therefore ring 0 access from OtherOS. Enjoy your hypervisor dumps. This is known to work with version 2.4.2 only, but I imagine it works on all current versions. Maybe later I'll write up how it works